Chinese keep on buying from Burberry
Thursday 17 April 2014
The luxury brand Burberry defied fears of a spending slowdown in China yesterday as it revealed demand for its distinctive check-lined trench coats and leather bags continued to grow.
Sales in Asia soared ahead 19 per cent in the six months to April but Burberry warned currency swings would mean profit could be hit in 2015.Chief executive Angela Ahrendts, presiding over her last trading update, will handover to Christopher Bailey next month and she said the "transition" was "well under way".
Mr Bailey will replace her as chief executive, while retaining his role of chief creative officer when Ms Ahrendts leaves to run Apple's shops.
Burberry yesterday reported strong sales growth with total revenue up by 19 per cent to £1.3bn in the second half and retail up 13 per cent to £928m. Full-year sales reached £2.3bn.
Paola Bertini, an analyst at Exane BNP, said: "The retail sales growth is encouraging, especially against a quite demanding comparative base."
The strong figures were driven by better-than-expected growth in China and Korea, as well as a 27 per cent jump in the US.
- 1 School kitchen manager 'fired from Colorado school for giving hungry students free lunches'
- 2 California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
- 3 Amber Peat: Body found in search for missing 13-year-old who left house after argument with her parents
- 5 Charles Kennedy 'had better judgement drunk than many sober politicians' says Ian Hislop
California man brutally beat 82-year-old Sikh grandfather he mistook for 'one of those people'
Amber Peat: Body found in search for missing 13-year-old who left house after argument with her parents
Alton Towers crash: Four guests seriously injured as Smiler ride carriages collide
Charles Kennedy dead: A guy once asked the Lib Dem leader who his favourite Muppet was and his letter response was wonderful
Gay teenager 'forced to have sex with his own mother' to 'cure' his homosexuality, campaigners in India say
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...